If IFFCO take up all their share options they will still only hold about 7% of the company. They are an asset not a theat. I can see many reasons why they or someone else would love to buy the company outright. They have undertaken to buy 3 millions tons which at recent prices would cost them about 1.2 billion dollars a year. If they bought Legend for less than two years supply, say 2 billion dollars, which translates into $10 a share, they would have guaranted supply at a fixed price plus another 2 millions tons annually to use or sell. Gutnick's interests dont conflict with shareholders - he is the biggest one and I imagine will drive the hardest bargain if anyone comes looking to buy. Whether Lgdi becomes a producer or gets taken out along the way any future stock or takeover price will be way north or anything we've seen to date.